Within the framework of the institutional approach, the possibilities of economic analysis of the norms of Criminal Law and their corresponding institutions are considered.

The applicability of the methodology of the new institutional economic theory to the analysis of legal relations in the society is substantiated, the essence of the basic parameters of the economics of law is revealed.

The basic premise of the economic analysis of legal phenomena from the standpoint of the new institutional economic theory is the provision about the motives of people’s behavior in exchange. It is assumed that the parties to legal contracts (on the one hand, violators and criminals, and on the other – judges and lawyers) act in relation to the legal system as individuals seeking to maximize utility. Their behavior is regulated by the rules of law (the constitution, codes, laws, judgments, etc.), which constitute a significant part of the formal rules, relying on the state as an institution having the strongest positions in the implementation of coercion.

From the institutional economic analysis of the law, it is concluded that it is useful for carrying out legal reforms, improving both individual regulatory acts and the entire system that ensures their implementation. The effectiveness of normative (formal) economic analysis of law is shown.

The conclusion is made that the economic analysis of law makes it possible to give economic explanations not only to certain normative legal acts and principles, but also to the phenomenon of law as such.

Key words: methodology, usefulness, economic analysis of Criminal Law norms, legal relations, legal system.

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